Latest News in Mortgages and Home Loans- July 28, 2009

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New Home Sales Gain Unexpectedly in June
Image by melodramababs via Flickr
New home sales made an unexpectedly large gain in June, according to reports. Data shows that new home sales increased 11% in June. This is providing speculation that the worst of the housing market slide is over. Bloomberg reports on the implications of this jump in new home sales:
Deutsche Bank Securities [...]

Tips for First-Time Homebuyers
Image via Wikipedia
The government is really hoping that you will buy a home — especially if you are a first-time homebuyer. Not only is there are generous tax credit available, but you can use it now to put toward the down payment on your home. Some state governments are also offering special first-time home buyer [...]

Economic News: Jobless Claims Rise Again
Jobless claims have been rather volatile in recent weeks. Last week, they dropped. This week, though, new unemployment claims are up by 30,000. The increase is in line with expectations, which means that things might be improving, despite the increase. The four-week moving average, though, is down by 132,000. That is good news for those [...]

Ben Bernanke: Foreclosures to Peak 2nd Half of 2009
Yesterday, Ben Bernanke spoke to Congress about the economy, and about his plans to exit from economic stimulus measures with an eye on controlling inflation. However, he also made mention of his views of the housing market and foreclosures. HousingWire reports on Bernanke’s statement before Congress:
US and international efforts to stem the recession are starting [...]

Is Renting Really a Waste of Money?
One of the biggest rivalries in the money world is the renting vs. buying smackdown. The argument against renting is, of course, that it is a waste of money: You are throwing your money down a hole and you won’t get any of it back. At least with a mortgage, you can take a tax [...]

Mortgage Lenders Have New Disclosure Rules Coming
At the end of this month — July 30 — new disclosure rules will be applied to mortgage lenders. In recent years, mortgage loans have become more complex, and mortgage lenders and brokers have not always been forthcoming when it comes to disclosing the true costs of the loans. Many consumers made decisions they might [...]

Want a Loan Modification? Don?t Pay for It
As one might expect in these economic times, as people become desperate for help, scams are popping up all over the place. There are foreclosure prevention scams, in which the unscrupulous take money from the unsuspecting and promise to help them halt foreclosure, and there are a number of other scams at work. With all [...]

Forget the Hotel; Rent a Vacation Home
Image by Vijay Gunda via Flickr
Sometimes you don’t need to buy a home to enjoy it. This is especially true of a vacation home. Instead of staying in a hotel when you go on a longer vacation, consider renting a vacation home.
Rent a vacation home
If you are staying for a week or more, you can [...]

Are You Practicing for Your Mortgage Payment?
Image by TheTruthAbout via Flickr
Many people do not realize the dramatic change in housing costs that a mortgage can result in. Indeed, for many people, a mortgage payment costs more than rent. And that’s before you add in taxes, insurance, possible HOA fees, maintenance and utilities. (Realize that when you buy a home, with more [...]

Does Your Home Come with a Hidden Transfer Fee?
Something new and somewhat sinister is popping up in some places. I have seen it here in Utah, where I live. It’s called a transfer fee, and it is usually hidden within the mounds of paperwork that you have to do in order to buy a home. Here’s how it works:
The developer, homebuilder or even [...]

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